PSA tools and techniques

- [Instructor] Let us take a look at the tools…and techniques used for prescriptive analytics.…The first tool used in prescriptive analytics…is linear programming.…Linear programming is a technique used…to maximize an outcome given the list of constraints.…Outcome could be units sold, profit margin, et cetera.…It assumes a linear relationship between variables.…It makes simplifying assumptions.…

Constraints used in linear programming…include budget, time, resource limits, et cetera.…Here is an example of how linear programming looks like.…We are trying to find the values of x and y,…such that we get the maximum value for zed.…The constraints that are there include…that x could be between zero and hundred…and y should be between 50 and 150…and x is greater than y.…

Zed could be the total units sold,…while x and y could be the number of individual products…that can be sold based on inventory capacity.…The second technique used is decision analysis.…Decision analysis consists of a set of procedures,…methods, and tools that are used to analyze…

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3/13/2018

Business analytics encompasses a set of tools, technologies, processes, and best practices that are required to derive knowledge from data. It's an iterative and methodical exploration of data to derive insights from it—and, in turn, make smarter, more strategic decisions that are grounded in facts. In this course, learn about the stages in business analytics that are used to predict and build the future—predictive analytics, prescriptive analytics, and experimental analytics. This course dives into each stage, discussing the tools and techniques used for each, as well as best practices leveraged in the field. In addition, the course lends a real-world context to these concepts by using a use case to demonstrate how to execute analytics in each stage.

Topics include:

What is business analytics?

How business analytics compares to business intelligence and data science